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TeachMeFinance.com - explain New York Stock Exchange (NYSE) New York Stock Exchange -- The world's largest exchange for trading stocks and bonds . another definition... New York Stock Exchange (NYSE) -- the oldest (founded 1792) and largest securities market in the United States. historic definition... New York Stock Exchange -- The New York Stock Exchange had its origin in an agreement dated May 17, 1792, by "Brokers for the Purchase and Saie of Public Stock." By public stock was meant government securities ; in other words, government bonds. At that time the brokers met and did business under a buttonwood tree that stood in front of the dividing line between the present Nos. 68 and 70 Wall street. In 1817 a constitution was adopted under the name "New York Stock and Exchange Board." On January 29, 1863, the present name, "New York Stock Exchange," was adopted. The membership of the New York Stock Exchange is limited to 1,100. The admission fee is $2,000, but this is in addition to the cost of a membership itself which depends on the "state of the market" for seats, as memberships are called. A membership is obtained by buying the seat of a retiring, deceased or expelled member. A member is elected for life or until he resigns or is expelled. Expulsion from the exchange forfeits membership, but not the proceeds of it. Temporary insolvency involves suspension. About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2005 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.